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Advocacy

FIA advocates for open, transparent and competitive markets around the world. Our global advocacy team  works with regulators, policymakers, and the industry on the development and implementation of legislation and regulation through publications and filings.

FIA commends and offers refinements to CFTC’s proposed position limits rule
May 14, 2020 CONTINUE READING
FAQs on negative pricing in exchange-traded futures and options
May 6, 2020 Continue reading
India unifies services supervision under new regulator
May 4, 2020 CONTINUE READING
FIA and ISDA support the European Commission’s equivalence determination for financial benchmarks in Japan
May 4, 2020 Continue reading

Automated Trading

FIA, FIA PTG and FIA EPTA are closely monitoring efforts of regulators on automated trading.  We provide policymakers with expert feedback on regulatory proposals and promote best practices in risk controls.

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Benchmarks

Regulators across the globe have been focused on ensuring that systemically important benchmarks used in global markets are robust and subject to scrutiny.  We have been monitoring and commenting on recommendations and benchmark transitions.

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Brexit

FIA is closely monitoring the U.K. withdrawal from the European Union in the area of financial services. We continue to work with regulators in the U.K. and the E.U. and with our members to provide for a smooth transition when it comes to derivatives clearing.

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Capital

New capital requirements for banking organizations have significant impacts on the ability of banks to provide clearing services for their customers. We are working with regulators to promote risk-reducing effects of clearing while at the same time, preserve a strong and diverse community of clearing firms.

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Clearing

Clearing is a core tenant of a safe and sound financial system. We are monitoring new regulations affecting CCPs, clearing members and other market participants in the clearing ecosystem, and providing information on CCP rulebooks, operational practices, default procedures and financial resources.

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Commodities

FIA advocates on behalf of members and provides resources and various forums and Committees to discuss regulatory implementation and day-to-day issues in metals, energy and agricultural markets, including position limits, transaction or position reporting and regulatory exemptions.

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Cross-border

Oversight of today’s global markets requires international coordination to maximize efficiency.  We  advocate for reasonable, pragmatic and deferential cross-border regulation and oversight that provide safeguards while allowing for competition and innovation.

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Customer Protection \ Segregation

The protection of customer funds is paramount. We work with industry and regulators to meet new regulatory requirements that enhance safeguards of customer funds.

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EMIR

FIA advocates on behalf of member firms regarding the rules imposed by the European Markets Infrastructure Regulation (EMIR) - the European regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (TRs). Designed to improve transparency and reduce the risks associated with derivatives markets, EMIR also establishes common organizational, conduct of business and prudential standards for CCPs and trade repositories. We  also provide forums for firms to discuss implementation challenges, and operational and legal challenges that the Regulation poses in a day-to-day clearing operation.

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Innovation & FinTech

We works with members to monitor innovative FinTech firms and analyze how they impact the traded and cleared derivatives industry.

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Market Conduct

FIA is working with members and regulators on current challenges relating to market conduct and continues to explore the impact of market conduct regulations, such as the Market Abuse Regulation (MAR), the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) in Europe and the Dodd-Frank anti-manipulation and disruptive trade practices provisions in the United States. We broadly supports efforts to preserve and enhance market integrity and strives to ensure that regulators design and implement these regulations to serve their intended purpose.

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MIFID II \ MiFIR

The E.U.’s Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) are Europe’s regulations that implemented major capital markets reforms. MiFID II and MiFIR came into effect on 3 January 2018 and will be reviewed during 2020. We are working with members to address key aspects of MiFID II as they relate to listed and cleared derivatives - both within EU, as well as the impact on firms outside of the European region.

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Operational Resilience

The financial services sector and the critical infrastructure it supports is an attractive target for hackers and cyber-criminals. No one is immune to these attacks, and the threats themselves are continually evolving, becoming more targeted, complex, and dangerous. We work with our membership and regulators to host roundtables and workshops to minimize the risk of attacks and assist with recoveries.

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Position Limits

Regulators in the U.S. are implementing regulatory regimes that govern the application of speculative position limits to the commodity futures and swaps markets. We are at the forefront of advocacy in this area to help ensure that these regimes accommodate commercial hedging and risk management activities, and do not disrupt markets or impose undue costs on market participants.

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Trade Reporting

A key aspect of European market reform has been the introduction of regulatory reporting requirements for OTC and ETD derivatives. These fall under the EMIR regulation, but also feature in MiFID II and the European energy market regulation, REMIT.

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Trading

FIA engages with members to identify and address matters that affect trade execution across the global industry. Topics covered, but not limited to, are automated trading risk, market access, exchange specific requirements, and other trading and execution related regulatory obligations across global jurisdictions.

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Sustainable Finance

FIA provides a forum for members to discuss sustainable finance developments, which has become a key focus area for regulators and market participants alike. We monitor numerous projects, such as the proposed EU taxonomy, responsible sourcing or disclosure requirements and are liaising with regulators and policy makers to ensure any requirements consider the role of derivatives markets.

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Publications & Filings

  • FIA and ISDA comment on possible reforms to the MiFID/MiFIR regulatory framework

    FIA and ISDA (together the Associations) recently responded to the European Commission’s consultation paper on the review of the regulatory framework for investment firms and market operators under the MiFID II/R.

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  • FIA discusses climate-related risk to FIA members, derivatives industry

    FIA submitted comments to the CFTC's Market Risk Advisory Committee Climate Subcommittee on the challenges and issues related to climate change. 

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  • FIA responds to ESMA’s MiFIR and MiFID consultation regarding third-country firms

    Today, FIA and ISDA responded to ESMA's Consultation Paper on Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR.

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  • FIA, Greenwich Associates release new derivatives market research

    The study assesses market sentiment towards several major market structure trends.

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  • FIA responds to CFTC on cross-border registration thresholds for swap dealers

    On Monday, March 9, 2020, FIA submitted a comment letter to the CFTC in response to its proposed rule regarding the cross-border application of the registration thresholds and certain requirements applicable to swap dealers and major swap participants.

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  • Trade associations publish best practices for derivatives trade reporting under EMIR

    Developed by FIA, ISDA, EFAMA, EVIA, GFXD and GFMA, the best practices are available to all market participants to access and implement.

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